China: Crude oil reserves decline sharply last year

China was still the world’s fifth-largest crude oil producer in 2006, but dropped to the 13th worldwide in terms of proven crude reserves from the 12th in 2005, according to statistics released by the United States-based Oil & Gas Journal, the world’s most widely read petroleum industry publication.

According to statistics, China’s crude oil output is expected to have reached 185 million tons in 2006, a slight increase of two percent year on year. The proven crude reserves are estimated at 2.2 billion tons, down 12.33 percent from 2005.
China Daily